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6 Benefits of TD Term Life Insurance
What is term life insurance?
Term life insurance is coverage over a defined number of years. A term life insurance policy pays out a tax-free lump sum amount to a beneficiary upon the death of the person insured. If the amount is handed over to an estate, it may not receive the benefits tax-free. When you apply for term life insurance, you get to choose the amount of time, or term, of coverage that you feel fits your needs. The policy may also be eligible for renewal.
Term life insurance can be a way to help safeguard the financial future of your family.
How does term life insurance work?
Term life plans offer coverage over a specified term. The term duration is the length of time premiums are locked in and are guaranteed not to change.
At TD Insurance, if you do nothing at the end of the term, the policy will automatically renew with premiums increasing to reflect your age at the point of renewal. Coverage expires when the person insured reaches an age stipulated in the plan or policy contract.
When you apply for coverage, you are required to answer questions which include:
- Age
- Sex
- Smoker-status
- Health, and
- Lifestyle
In some cases, a medical exam may be required. This information, along with the amount of coverage and type of plan, is used by the insurer to determine your premiums. The death benefit outlined in your policy may be used in any way your beneficiaries choose. However, if you were to die after the policy expires, and the policy was not renewed, no death benefit would be paid out.
If you're looking for lifetime coverage, permanent life insurance may be an option. Permanent life insurance is a type of life insurance that does not expire as long as required premiums are paid. For the Term-10 and Term-20 plans, you can convert to the permanent Term-100 plan with no health questionnaire or medical exam required with TD Insurance.
All TD Term Life Insurance plans offer:
- Coverage up to $10 million
- Guaranteed automatic renewal at the end of each term for 10-year and 20-year plans
- Guaranteed premiums that remain the same for each term.
- The option to convert 10-year or 20-year plans to the permanent Term-100 coverage any time before age 69.
What are some benefits of TD term life plans?
TD Insurance offers versatile plan options. The plan you select should be based on your needs. Here are a few benefits of selecting TD Term Life Insurance:
- It’s simple
Term life insurance is one of the simpler forms of life insurance. You’ll know what you’re paying for, and what your beneficiaries can expect.
- Predictable premiums
Your premiums are fixed and guaranteed not to change for the length of each term.
- It’s flexible
You can also convert your TD Term-10 or TD Term-20 to the Term-100 permanent life insurance coverage before you turn 69 at any point.
- It could be a good way to top-up existing group plans
Your life insurance coverage through a group plan may not be enough. Additionally, if you were to change employers, you may lose your coverage. Having your own term life insurance policy helps to provide continued coverage for your loved ones in the event of your death even if you change your employer.
- Tax-free, cash benefit
If you pass away during the term of your policy, your designated beneficiaries will receive a tax-free, lump-sum death benefit.
- You may get a discount1
Save 10% if:
- You are a TD customer, which includes TD Auto Finance, TD Insurance Home and/or Auto, and TD Wealth; or
- You complete your application online.
Or save 5% if:
- You or your spouse is a graduate of an eligible Canadian post-secondary institution or a member of an eligible professional association.
Instant Approval Offer available on TD Term Life Insurance
You could be approved for up to:
- $1 million if you are under 50 years old
- $500,000 if you are 51 to 54
- $250,000 if you are 55 to 60
Eligibility for instant approval is based on your health and lifestyle questionnaire which is part of the application.
Identifying the right amount of coverage for your life insurance needs.
To choose an amount of term life insurance, you may need to outline your current obligations and responsibilities.
- If you have shorter-term financial responsibilities, such as a student or car loan, TD 10-Year Term Life could be right for you.
- If you're newly married, starting a family, or if you've recently bought a home , TD 20-Year Term Life could be just what you need.
- And finally, TD Term-100 could be ideal if you want lifetime coverage where your premiums are locked in and guaranteed not to change.
Both 10-Year Term Life and 20-Year Term Life can be converted to the Term-100 lifetime coverage any time before the age of 69. Conversion is guaranteed and no health questionnaires or medical is required.
How much life insurance do you need?
A TD Term Life Insurance plan may cost less than you think. For example, a 30-year-old female non-smoker who is in good health could get $400,000 of TD 10-Year Term Life coverage for as low as $18.00 per month2. You can use the TD Life Insurance calculator to estimate how much your term life insurance plan could cost.
How to apply for TD Term Life Insurance online?
- Visit the TD Term Life Insurance page
- Learn more about Term Life Insurance and use the 'Check my price' button to get a quote
- Once you've got your quote, select the coverage that best suits your needs and apply for coverage
- You can also save your application and resume at a convenient time.
- To be eligible, you must meet the following requirements:
- Be a Canadian resident and fall within the age requirements for term life insurance plan you select.
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TD Term Life Insurance is underwritten by TD Life Insurance Company. See Insurance Policy for coverage details, including limitations and exclusions.
1 The discount is only available to eligible applicants who apply for a new TD 10-Year or 20-Year Term Life Insurance policy using the online application. Offers cannot be combined with any other offer and is subject to change or may be withdrawn at any time.
2 Date of quote – 9 March 2022. The price will be an estimated quote based on the information you provide. Your actual premium may change when we assess your individual circumstances based on the information collected during the application process.
The content on this page is for general information purposes only and does not constitute legal, financial or insurance advice. Speak to a life licensed professional advisor regarding your specific situation. The information contained herein, is subject to change without notice.